tag:www.caseylundreganlaw.com,2013-03-21:/blog/833882019-09-09T16:33:36ZMovable Type Enterprisetag:www.caseylundreganlaw.com,2019:/blog//83388.38260572019-09-09T16:34:36Z2019-09-09T16:33:36Z
In Massachusetts, as elsewhere, it can be difficult to administer the estate of a deceased loved one. While there are professional executors out there who may be of benefit, especially when dealing with unreasonable heirs, one may nonetheless wish to handle the process alone. In this case, there are challenges to be aware of, some of which are given below.

The tasks of an executor require that one be adept at project management. There will be short deadlines to meet. The estate may be probated, but if the loved one was "financially comfortable" and married, it is likely that the couple placed their most valuable assets into a revocable trust.

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Executors will need to add someone else, usually an adult child, to be co-trustee in the revocable trust. They may put themselves in. If the remaining spouse dies, the trust becomes irrevocable, so executors must make all the necessary changes right away. This normally includes the adding and removing of beneficiaries.

Then, there is the issue of selling a home. Realtors know when home-selling season is and may pressure an executor into preparing the home by then. There may be belongings to sell off or leave to an estate liquidator. There are also tax issues, issues with life insurance policies and so much more.

Executors may want to see a lawyer about probate and estate administration, the former being especially important because it means the state may distribute an estate in ways that would have been contrary to the decedent's wishes. This only happens when someone dies intestate. With a lawyer, executors may learn about what to expect in the probate court. The lawyer may also serve as a line of communication between personal representative and the heirs.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.38243062019-09-06T01:51:33Z2019-09-06T01:50:33Z
If you have accepted the challenge to create a comprehensive plan for your estate, you have quickly realized that the process can be quite complex. It often involves some deep soul searching to find the answers to complicated questions regarding the end of your life.

One question you may be considering is, "Whom should I choose to be my health care proxy?" Since the person in this role has many delicate decisions to make on your behalf, you do not want to make this choice hastily or before examining every logical possibility.

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Strength of character

Your health care proxy has a grave responsibility. You give this person authority to make medical decisions in your name if you are unable to speak for yourself or express your wishes. You want someone to be ready to speak up for you when you are too ill, if complications arise during a surgical procedure, or if you cannot express your concerns about treatment options because you are unconscious or mentally incapacitated. Some characteristics of a good health care proxy include these:

Understands the responsibilities involved and agrees to provide this service for you

Has a clear understanding of your wishes for various circumstances, such as when you want extraordinary lifesaving measures and when you want doctors to withhold further treatment

Is trustworthy to abide by your wishes even if they conflict with his or her own beliefs

Has enough strength of conviction to stand up to other family members who dispute your proxy's decisions

Is willing and able to ask questions of your medical team and challenge any treatments that contradict your wishes

Does not have a conflict of interests, such as an inheritance from you that might alter his or her decisions about your care

Lives close enough to respond in an emergency

You should not feel obligated to select anyone, even your spouse, who does not have the courage or understanding to advocate for you. You will want to have some long and difficult conversations with your chosen proxy as you clarify your wishes about the kind of care you want in certain situations. You may also find it comforting to meet with an attorney who can help you understand your options, express your wishes clearly and complete any legal documents the state of Massachusetts requires.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.38199672019-08-29T19:34:13Z2019-08-29T19:33:13Z
In many cases, a Massachusetts resident who has a trust won't necessarily need a will. This is because the trust has many of the same testamentary capabilities as a will. However, the estate owner should remember that a trust needs to be properly funded before they pass on. Otherwise, a bank account, home or other asset must go through the probate process. During the probate process, a judge determines who an item should go to.

If a person lacks a valid will, there is a chance that state law will dictate who receives property held in their estate. Individuals can create what is known as a pour-over will. The will states that any assets that are left in an estate at the time of a person's death should be placed into a trust. It's worth noting that a pour-over will is the same as any other will, which means that it may need to go through probate.

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It is generally a good idea to have an estate plan reviewed regularly to ensure that it meets an individual's needs. An attorney or a financial adviser could look over a will or trust to see if any changes need to be made.

Wills and trusts may work together as part of a comprehensive estate plan. For example, a pour-over will could ensure that assets make it to a trust if they are not properly titled during the creator's lifetime. An estate planning attorney may talk more about the benefits of such a will or how to create one. If a trust is structured properly, there may be no need for a will as it allows an individual to appoint a guardian or determine where assets go.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.38112122019-08-14T22:34:24Z2019-08-14T22:33:25Z
Estate planning may be an uncomfortable task to undertake. However, all Massachusetts residents will die at some point. Therefore, it is important to take time to determine how assets will be distributed after this happens. It can also be a good idea to think about what a person would want if he or she became mentally or physically incapacitated. An estate plan can be structured so that another person can make decisions for an incapacitated individual.

Proper planning may also make it possible to minimize the tax burden that surviving family members will need to endure. It can also help to protect assets from creditors who may make claims on money or property that was meant for a spouse or child. These and other questions may be easier to answer when a person is organized. Ideally, an individual will take time to gather financial records and other important documents.

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Gathering bank account, mortgage and other statements can help a person get a sense of his or her net worth. From there, he or she can start to craft a plan that meets his or her needs or future goals. It is important that surviving family members know where they can find a copy of these statements or anything else that can help settle an estate in a timely manner.

Those who are starting the estate planning process may want to do so with the help of an attorney. This may make it easier to decide what type of documents to use and who should fill important roles like the executor or trustee.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.38024412019-07-31T23:04:15Z2019-07-31T23:03:15Z
Some trust beneficiaries in Massachusetts are capable of responsibly handling trust assets. However, others are a bit more reckless with their spending. For times when a trust creator (grantor) wants to protect intended heirs from themselves, one option is what's termed a spendthrift trust.

A spendthrift trust is an estate planning tool that's overseen by a trustee. This can be a specific individual or a corporate trustee. The trustee's role is to control disbursements from the assets in a trust. An asset management business can also serve as a registered investment advisor to invest money that's in the trust. The beneficiary would not be able to access any of the trust's money until it's time for them to receive distributions. The trustee would also have the discretion to determine which payments are necessary based on the terms of the trust agreement.

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A spendthrift trust also includes unique creditor protections. For example, if a beneficiary wished to purchase a home, they would only be able to use their distribution amount for collateral. The principal of the trust could not be used for this purpose. What this does is protect the principal so it can stay in place and continue to generate interest and other additional assets for many years. The main limitation with a spendthrift trust is that a grantor is typically not allowed to name themselves as a beneficiary to enjoy added creditor protection; although, there are some exceptions.

The process of creating a spendthrift trust is the same as what's normally done when establishing any type of trust. The only difference is that a spendthrift provision is included. An estate planning attorney can ensure that all required trust documents are properly prepared so the intended terms are clear. A lawyer can also help a grantor make appropriate adjustments with beneficiary designations if circumstances or wishes change.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.37917112019-07-18T16:54:29Z2019-07-18T16:53:29Z
Chronic illness affects more than 130 million Americans. However, many families in Massachusetts dealing with conditions like multiple sclerosis, Alzheimer's or Parkinson's don't reflect this reality in their estate plans. As a person ages, their chances of being impacted by chronic illness rises quickly, but people of all ages should account for present and possible conditions in an estate plan. This means including provisions for a variety of issues related to health and aging.

A very important document for families dealing with a chronic illness is a HIPAA release. The person named in this release will be able to access protected health information that would normally be sealed. This allows family members or other trusted parties to make crucial health care-related decisions for someone suffering from cognitive impairments. This release needs to be in writing, and the person giving away their protections to another party needs to show that they are doing so voluntarily.

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Another important document is a living will. This describes the estate owner's wishes going forward should they be unable to communicate their desires at some point. Decisions can be related to everything from health care objectives to long-term care provisions. It should account for both current chronic illnesses the person may be experiencing as well as possible other health problems that might occur.

An estate planning lawyer could help a client draft releases, living wills and other documents. After establishing short- and long-term objectives with the client, legal counsel will want to make sure those objectives are communicated in legally enforceable documents. A lawyer can also help the client make document modification when their circumstances change.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.37874492019-07-10T18:31:34Z2019-07-10T18:30:34Z
If you are one of the few adults in Massachusetts who have visited a legal professional to start the process of making an estate plan, you deserve a hearty congratulations. Not only are you protecting your wishes for your assets and belongings, but you are also saving your loved ones the confusion and frustration of dealing with an unprepared estate.

As part of a complete estate plan, you likely drafted a will, designated a power of attorney and created a revocable living trust to hold your assets, minimize probate and protect your estate's privacy. However, once you create the trust, your work does not end. If you fail to fund your assets to the trust, your document will be worthless to your heirs.

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How to fund your trust

Since the trust essentially becomes the owner of any assets you fund to it, the process of including these assets is a little more complicated than simply signing the trust documents. You must individually transfer ownership of each item to the name of the trust. There are several ways to do this, and the manner you choose will depend on the type of asset you are transferring.

For example, if you have real estate, investments other than IRAs or 401(k)s, or stock certificates, you can fund these to your trust by changing the owner of the asset on its title. The new title will include your name as the trustee and any successor trustees you have appointed under the name of your trust. If your investments include IRAs or 401(k)s, or you have pensions, certain savings accounts, or life insurance policies, you can simply add the name of the trust as the primary or secondary beneficiary.

Ownership rights

You may have valuables that do not have deeds, titles or legal documentation, such as money, jewelry, art or antiques. This may include your personal belongings, specific rights, royalties or interests in a business. These assets require you to assign your right to ownership to the name of the trust. You do this with a legal document that names or describes the asset and its value and reassigns your interest in the asset to the trust.

Taking any of these steps may involve certain legal language that can be confusing unless you have experience in Massachusetts estate planning law. Making a mistake in the wording or execution of these transfers may jeopardize the assets in your trust and leave your heirs with a legal dispute to resolve. You would be wise to work with a skilled attorney through the entire estate planning process.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.37851972019-07-05T13:54:16Z2019-07-05T13:53:16Z
Massachusetts residents can include transfer on death accounts in their estate plans to help their beneficiaries avoid having to go to court to resolve issues with the estate. These types of accounts can be used to move assets without having them included in a will, which can be helpful for people without a will or trust.

A transfer on death account is used to automatically transfer the assets it contains to the designated beneficiaries upon the death of the holder. Depending on the laws of the state, it can be various types of bank accounts, deeds or investment accounts. For individuals who own just a portion of a transfer on death assets, only the shares they own will be transferred.

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Multiple beneficiaries can be added to transfer on death accounts, and the assets can be divided in any manner the holder desires. For an individual who has created a transfer on death investment account that is to be evenly divided between two offspring, each recipient will receive 50 percent of the assets when the holder dies.

The beneficiaries will not be able to access and will have no rights to the assets in a transfer on death account while the holder is alive. Also, as long as the holder is mentally competent, the beneficiaries listed on the account can be changed at any time. This is similar to when assets are named in a will; the transfer of the assets and the establishment of rights to those assets do not occur until the holder dies.

An estate planning attorney may assist clients with determining what type of legal devices should be included in a tailored estate plan. The attorney might explain how transfer on death accounts may be used for certain assets. Assistance may be provided with creating an appropriate estate plan.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.37722752019-06-19T19:54:23Z2019-06-19T19:53:23Z
Individuals in Massachusetts and throughout the country typically use a will to transfer their assets upon their deaths. However, it may be a good idea to use a trust to do so instead. A trust is managed by a person or entity that has a fiduciary responsibility to the beneficiaries of that document. This means that the trustee has to take actions that meet a beneficiary's interest and cannot engage in self-dealing.

Trustees must provide information about the trust and how it is being administered to a beneficiary upon request. There are many reasons why an individual could want to make a trust beyond the fact that it would be managed by a trusted person or entity. In addition, it could be used to protect assets from creditors, manage a business or keep the details of an estate private. When a person transfers assets through a will, it generally must go through a public probate process.

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Trusts can also be ideal for parents or grandparents of minor children. This is because a trust can hold assets for them until they are old enough to take control of them. Living trusts are the most commonly used, and they are popular in part because an individual can amend its terms at any time.

Along with a will, a trust may be an integral part of an estate plan. An attorney may help with the process, which may include reviewing any documents that have been created in the past. It may be necessary to update the terms of a trust or revoke it based on changes to tax law or as life events occur.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.37584612019-06-04T22:34:25Z2019-06-04T22:33:25Z
When people living in Massachusetts begin to plan their estates, they are often concerned with personal property, real estate, savings accounts and investment funds. One group of assets that is frequently overlooked is digital assets, including email and social media accounts, online shopping profiles and digital content such as music.

Because digital assets have only been a matter of significant concern for a few decades, many people have not considered the ramifications of dying and leaving behind unattended accounts and digital products such as music, books and movies. In addition, the legal status of digital assets and intellectual property has been in flux for a significant period of time. This can lead to confusion regarding ownership and how digital content can be used by others.

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As a result, it is easy for individuals, and even legal professionals, to not make any provisions for what will happen with online content and accounts after a person dies or becomes unable to manage his or her affairs. Modern estate plans should include directives regarding digital assets while plans that are already in place should be updated to reflect what an individual wants to happen with their online life and content.

When creating an estate plan, it is advisable to appoint somebody to manage digital assets. It should be noted that the person appointed to this role may not be the same person who is appointed to act as an executor of the will or who has power of attorney if the estate planner is unable to make decisions for him or herself. This is because not everybody has the savvy necessary to navigate email accounts, social media profiles and online merchant accounts.

Individuals who are interested in estate planning may benefit from speaking with an experienced attorney. A client who is particularly concerned about online content and digital assets should ask about these matters specifically. The lawyer may be able to provide guidance in protecting assets and ensuring that they are managed in accordance with the deceased's wishes.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.37393162019-05-20T17:04:32Z2019-05-20T17:03:32Z
Some people in Massachusetts who open an IRA may not put much thought into the beneficiary designation or may think it is something they can take care of later. However, it is important to name the right beneficiary and update the designation as needed.

A person who has no family or who does not want to leave the IRA to family might name a charity as beneficiary. A married person might be required to get written permission from a spouse to name someone else as beneficiary. If a spouse inherits the IRA, distributions will not be triggered, but they will be for anyone else. There could be tax implications. Despite this, some people might want to leave an IRA for children or grandchildren. If they are minors, then a custodian for the account should be designated.

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The beneficiary designation needs to be reviewed if there are changes in the family to ensure that it remains up to date. For example, if a beneficiary dies and a replacement is not named, the IRA will become the property of the estate. This could have significant tax implications. There are a few circumstances in which a person may want to name a trust as a beneficiary. This can trigger taxes sooner, but a person may want control over how distributions are made as part of overall estate planning.

For example, if the person who will inherit the IRA receives government benefits because of special needs, owning a substantial asset might make the person ineligible. If a trust is set up, the trustee could use it to pay rent or for other necessities or luxuries for the individual, but the asset would remain the property of the trust. In other cases, a person may only want the beneficiary to receive the assets after reaching a certain age.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.37347032019-05-14T16:11:34Z2019-05-14T16:10:34Z
Throughout your life, you have been fortunate. Your hard work paid off, and your savvy investments allowed you to spend many comfortable years doing what you enjoy. Others in your position may have traveled, built their dream home or lavished their wealth on their families. While you may have done these things too, you also took the time to acquire valuable objects.

Whether you have a variety of antiques or a collection of exclusive works of art, you know that you must make a plan for your treasures. As part of your estate, these objects may require special treatment to ensure they end up in the appropriate hands after you pass away.

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Protecting your collections for your heirs

If you have a business, real estate or other investments in your estate, you may have already taken steps to protect them from probate and taxes. However, providing this same protection may not be as easy for other types of assets. For example, coin collections, jewelry, antiques or baseball cards can be difficult to keep track of, valuate and prove ownership. Some important factors to consider if you have such items in your estate include the following:

Making sure family members or others do not steal items from your collection before your executor can distribute them to your heirs

Organizing documentation such as receipts, photographs, condition reports and proof of authenticity

Creating an inventory of your collections, including notations about who gets which piece, and keeping your heirs informed when the inventory changes

Obtain appraisals for your valuables and including the documentation in your estate planning files to save your heirs the delay of having to seek appraisals before they can obtain their inheritances

Obviously, you will want to take every precaution to keep your valuables safe and protected. This may include the use of safety deposit boxes, alarms and any other appropriate measures to avoid the potential for someone to walk away with a loved one's inheritance. You may also consider purchasing insurance on your valuables. Of course, an effective way to make sure your loved ones receive their inheritance is to carefully plan your estate.

Because of the complex and delicate nature of estate planning, it may not be enough to contact just any attorney. Instead, you will want to know the legal professional you entrust with your estate has experience and success in this practice area. A skilled Massachusetts estate planning attorney will guide you through the options that are most appropriate for your circumstances.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.37269072019-05-07T16:55:01Z2019-05-07T16:54:01Z
People in Massachusetts thinking about their future may consider their wills, trusts and other estate documents, but they may not turn their attention to the company benefit plans that they often signed up for on their first day of work. These benefits can be considerable, including life insurance, retirement funds, stock option plans and other accounts. In many cases, people designated their beneficiaries only once: when they first signed the documents establishing their new accounts. However, the decisions made about beneficiaries can play an important role in a person's overall estate plan.

When people draw up wills and trusts, they may consider how they want to distribute their assets. It is important for them to remember that their retirement accounts and related funds typically do not pass as an asset through probate on the owner's death. Instead, they pass using the beneficiary designation, directly to the person named as the beneficiary. This type of transfer also applies to items with joint ownership with a right of survivorship, such as many homes. In order to make sure that what actually happens after a person dies is consistent with their plans, they may need to update their beneficiaries.

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For example, a person may have named their spouse as a beneficiary but since divorced; in other cases, they named their parents as the beneficiaries but are now parents themselves. Failing to change the beneficiary documents can lead to unexpected outcomes. In general, it is easy to change these designations; account holders can simply request a form from the company managing the accounts.

Seemingly small choices like beneficiary designations can have a major impact on how a person's most important assets are disbursed. An estate planning attorney might provide advice and guidance on the management of existing assets as well as the creation of estate documents.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.37220362019-05-01T19:21:34Z2019-05-01T19:20:34Z
Many people have a general understanding of what a durable power of attorney offers. However, people can also be misguided by common misunderstandings.

A durable power of attorney is an estate planning document that allows you to choose someone, called an attorney-in-fact, to manage your money and property on your behalf. A durable power of attorney often becomes most valuable when the principal becomes unable to manage his or her own finances. However, this has led to a common misunderstanding about when the durable power of attorney should be created.

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Waiting too long could cause problems

Many adults assume that they can wait to create a durable power of attorney until they become incompetent. However, like most estate planning documents, you must be of sound mind to sign it.

This misunderstanding can cause serious problems for individuals who wait too long to act. If an adult is legally incompetent and cannot sign a power of attorney, the adult’s loved ones may need to go to court to seek conservatorship, which can be time consuming. In the meantime, bills could go unpaid and property could go unmanaged, which may cause someone’s financial situation to go from bad to worse.

A power of attorney has many benefits

In many cases, a durable power of attorney is considered a preferable alternative to conservatorship because it allows the principal to choose any adult that he or she trusts to serve as the attorney-in-fact. If you designate someone as your attorney-in-fact, that person can pay bills, complete banking transactions, manage your property and hire someone to represent you, among other tasks. While a conservator could manage your finances for you, this person is appointed by a court and may not be someone you would have chosen.

Another benefit to a durable power of attorney is that the attorney-in-fact can begin acting on your behalf as soon as you sign the power of attorney. This can allow you plenty of time to teach your attorney-in-fact how you prefer to have your finances managed. However, you also have the option to make your power of attorney “springing,” which means that it could go into effect under specific circumstances.

If you are considering how you might plan for possible incompetence or incapacitation, make sure you have a full understanding of your options. Do not let a misunderstanding prevent you from using the best documents for your situation.

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tag:www.caseylundreganlaw.com,2019:/blog//83388.37191902019-04-26T18:49:22Z2019-04-26T18:48:22Z
When coming up with an estate plan, people may give a great deal of attention to their physical property. However, there is another class of assets that it is important to not overlook on this front: digital assets. This includes things like social media accounts, email accounts, data on the cloud and personal or business websites.]]>
Planning for what will happen with these assets after death

So, what happens with such property after a person’s death could have major implications for his or her legacy and loved ones. Also, if these assets are left unattended after one’s death, there can be an increased risk of them falling into the wrong hands.

Given this, it can be important for individuals to have a firm plan in place to ensure that their wishes are in control and their goals are protected when it comes to their digital assets when they pass away. Skilled estate planning attorneys can help individuals with developing a digital asset plan and incorporating it into their overall estate plan.

Planning on how these assets will be accessed after death

Now, for a digital asset plan to work, the right people have to be able to access these assets after one’s death. So, along with planning what will happen with these assets, it can also be important to plan how to make sure the user names, passwords and other access information for these assets can readily be passed along to the correct people. Things that can help with this include:

Having the information on an external drive

Using a password manager

Using a digital system to store such information

Having a letter of instruction that includes this information

Experienced estate planning attorneys can help answer questions individuals have about the digital asset planning process.